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U.S. Housing Market Conditions, 1st Quarter 2011

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U.S. Housing Market Conditions, 1st Quarter 2011

U.S. Housing Market Conditions, 1st Quarter 2011HUD’s Office of Policy Development and Research has released the first quarter of 2011 U.S. Housing Market Conditions report with updates of production, marketing, and multifamily sector performance, as well as housing affordability, homeownership, and foreclosures. In addition to the first quarter data, the report includes comparisons with the previous quarter and the first quarter of 2010, profiles of economic and housing market activity in each of HUD’s 10 regions, updates of historical trends in national and regional housing markets, and the annual index for 2010. This report’s feature article is titled “A Look at the FHA’s Evolving Market Shares by Race and Ethnicity.”

U.S. Housing Market Conditions, 1st Quarter 2011
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Key National Findings

  • Single-family housing permits dropped 5% from the previous quarter and 24% from a year earlier, while multifamily permits were up 10% from the previous quarter and 31% from a year ago.


  • New construction began on 563,000 units, up 5% from the previous quarter but down 9% from a year earlier. Single-family housing starts were down 5% from the previous quarter and 21% from a year earlier. Multifamily starts were up — 55% from the previous quarter and 64% from a year earlier.


  • Completions of new housing units fell 7% from the previous quarter and 18% from a year earlier. Single-family home completions declined 7% from the previous quarter and 8% from a year earlier. Multifamily completions were down 3% from the previous quarter, and 42% from a year earlier.


  • Manufactured housing shipments were up 7% from the previous quarter, but down 13% from a year ago.


  • New single-family home sales were down 2% from the last quarter and 18% from a year earlier. Existing home sales rose 8% from the previous quarter but fell by 1% from a year earlier.


  • Distressed sales (foreclosures and short sales) represented 39% of all home sales, up from 34% in the previous quarter.


  • New homebuyers accounted for 32% of all home sales, the same as the fourth quarter of 2010.


  • Home affordability rose 8.6 percentage points from the previous quarter and 14.7 percentage points from a year earlier. This is attributed to a 0.6% increase in median family income and a 7% decrease in median sales price of existing single-family homes, which offset a 28-basis-point increase in mortgage interest rates.


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